After a Banner Year, Hess's Stock Is Poised for an Interesting 2014

It has been quite a year for Hess. The oil mini-major's stock, for years a laggard, have risen 49% in 2013 to date, trouncing both its sector and the S&P 500.

Roughly a third of that gain, however, came in just two trading sessions in January. That is when it became public that activist fund Elliott Management had taken a stake and was pressing for radical change. With the company having given some ground on governance and...